Term life insurance rates in Ohio have been steadily reducing for the last 20 years. Better mortality, increased competition and lower expenses have all contributed to the price reduction. The trend should continue, despite some recent speculation that prices may be increasing. 10-Year plan costs have never been lower for both males and females, as the population continues to live longer.
Term life insurance covers a person against death for a specified period of time. Prices are substantially less than whole Life, variable life or universal life insurance, giving the flexibility to invest your money elsewhere. Policies can be terminated at any time without paying any fee or penalty.
The death benefit and premium remain level during the "guarantee" period. You also have a conversion option from most carriers, allowing you to change to another form of policy without answering any medical questions. However, this option may expire at age 60 (or another age). Also, since you only can convert to a plan issued by your current carrier, shopping additional companies is advised if you don't need to use the guaranteed option.
Compare Term Rates In Seconds
We offer free online term quotes to consumers by shopping hundreds of different plans through the top-rated carriers. Only a few basic questions need to be answered before you are able to view the best offers. Ratings of companies should also be considered, and no carrier that is not rated at least "A" by A.M. Best Company should be considered. Simply click on the link above for your free quote.
Of course, at any time, you may cancel a policy. In fact, it's not unusual for someone to purchase a policy that guaranteed the rate for 15 years, but yet, the policy was only kept for 5-10 years. In retrospect, buying a 10-year contract would have been cheaper and accomplished the same goals. But it is often difficult to predict how long you inevitably are going to keep coverage active.
For example, a 45-year-old male can buy $250,000 of coverage for approximately $190 per year (10-year guarantee Super-Preferred rating). A 20-year guarantee would only raise the premium to $335 per year. And yes, these are annual, not monthly rates! Female premiums would actually be less expensive. Listed below are several additional examples (monthly rates) assuming the same health.
$11 - 35 year-old Male. $250,000 10-year Rate Guarantee
$15 - 35 year-old Male. $250,000 20-year Rate Guarantee
$21 - 40 year-old Male. $500,000 15-year Rate Guarantee
$13 - 40 year-old Female. $250,000 10-year Rate Guarantee
$37 - 45 year-old Female. $500,000 20-year Rate Guarantee
How Long Do You Need Coverage?
One of the biggest factors in determining the length of time you need coverage, is the rate of return on your investments and the expected payout from Social Security and a private pension (if you have one). Since guaranteed interest rates are much lower than they were in the past, it takes more assets to provide the needed income required for a stable retirement.
We can help you determine the optimum amounts you need.In many situations, a 15-year policy may be more cost-effective than a 20-year policy. Also, if you will not be converting the policy before it terminates, the choice of carriers is impacted.
We will research and find the lowest-cost “A” rated term insurance policies. By being independent and objective, you’ll receive the lowest available prices from the top companies. If you apply for coverage, you can apply direct or we can assist you. Click here for your free quote.